When will we transition to the digital wallet?Posted by joe
Technology available today gives consumers access to “digital wallets.” Examples of this include waving a key fob or cell phone in front of a reader to pay for a good or service. While I think that geeks (like me) look forward to this, I believe most consumers remain reluctant to give up their cash and credit cards. A few recent articles on the topic suggest that maybe the tipping point for electronic payment in the U.S. may arrive soon.
A push from Starbucks cannot hurt. Starbucks recently invested in Square (see “Starbucks and Square to Team Up,” New York Times, August 8, 2012) and will no doubt push it in its stores. If you want a more detailed lay of the land, see “The death of cash,” (Fortune, July 9, 2012). If you are a glutton for knowledge about this topic, you can also check out “What’s In Your Wallet? Wait, You Don’t Need One ” (NPR, All Tech Considered, August 16, 2012).
How many of you use your cell phone or a key fob to pay for goods and services? Would you be able to get by without cash today? Are you comfortable moving to a cash-free world? Do you think your parents are ready for this?
This entry was posted on Wednesday, August 22nd, 2012 at 12:44 pm and is filed under Consumer behavior. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.